RP economy to grow 3.3%

RP economy to grow 3.3%

MANILA (AFP): The Philippine government is confident of
hitting its target of 3.3 to 3.8 percent economic growth this
year, officials said Saturday, following surprisingly strong
growth in the three months to June.

A government statement quoted Economic Planning Secretary
Dante Canlas as saying that the projected growth of 3.3 to 3.8
percent in the gross domestic product (GDP) was based on the
local economy's resiliency in the face of the world economic
slowdown.

He cited the 3.3 percent GDP growth posted in the three months
to June exceeding the forecasts of both government and private
analysts.

Canlas attributed the higher growth to strong agricultural
production, higher domestic demand and the decision of the
Central Bank of the Philippines to keep interest rates down.

Philippine GDP grew four percent last year.